A joint venture between South Korea’s Hyundai Engineering Co. and Hyundai Engineering & Construction Co. (Hyundai E&C) has been awarded the contract from Saudi Aramco to develop Jafurah unconventional gas field. The value of the contract is $1.7 billion and is part of $10 billion worth of contracts Aramco has awarded to Saudi Arabian and global companies.
Hyundai Engineering and Hyundai E&C hold 55% and 45% stake in the JV, respectively. According to Hyundai Motor Group, the Hyundai consortium will build sulfur recovery units as well as utility and offsite infrastructure.
Hyundai Engineering and Hyundai E&C hold 55% and 45% stake in the JV, respectively
Capital expenditure at Jafurah is expected to reach $68 billion during the first 10 years of development.
The largest natural gas field in Saudi Arabia, stretching 170 kilometers by 100 kilometers, is expected to produce up to two billion standard cubic feet per day (scfd) of sales gas, 418 million scfd of ethane, and approximately 630,000 barrels per day of gas liquids and condensates by 2030.